Neurodyn Inc. Acquires Neuroquest Inc.
July 31st, 2012
Neurodyn Inc., a Prince Edward Island company developing early treatments for neurodegenerative diseases, announced the purchase of NeuroQuest Inc., a Halifax-based drug development company. The acquisition creates the largest neurology-focused company in Atlantic Canada by substantially increasing the company’s core strengths in drug development in the neurological disease space and commercialization management. The terms of the private transaction were not disclosed.
With this acquisition, Neurodyn has now developed its BioActives Discovery Engine, a portfolio approach to validating and de-risking neurology drug candidates from natural resources, and utilizing international partnerships, in-house medicinal chemistry capability and proprietary animal models.
The company’s animal models of neurological disease are unique – the models more accurately reflect the slow progression of neurodegenerative disease in humans than from current models. With the purchase of NeuroQuest, the company can now validate new bioactive drug candidates using the new subsidiary’s full synthetic and medicinal chemistry capacity, as well as neurological cell-based assays.
Founded by CEO Kenneth Cawkell, University of British Columbia Scientist Chris Shaw and Chief Scientific Officer Denis Kay, Neurodyn is developing a bioactive that can arrest or slow the deterioration of animals with Parkinson’s Disease. The company has plans to develop an over-the-counter product that early stage Parkinson’s sufferers could take before having to move on to existing treatments, such as dopamine agonists. Other drugs are also being developed for treatment of early-stage Parkinson’s and related conditions.
With the acquisition of NeuroQuest, a drug to treat neuropathic pain will now be developed within the Neurodyn portfolio. “We are excited about the opportunity to expand our product portfolio beyond our Parkinson’s candidates into the area of neuropathic pain – both of which have large unmet medical needs,” said Denis Kay.
“The strengths of our combined skill-sets and technologies creates a fantastic opportunity to quickly add value and take these drug products to the marketplace,” said Robert Cervelli, NeuroQuest CEO. NeuroQuest will continue to operate as a subsidiary company within Neurodyn, with a laboratory base in Halifax. Dr. Alexander McLellan will continue as as the NeuroQuest Chief Scientific Officer.
About Neurodyn Inc.
Neurodyn Inc. (www.neurodyn.ca) is a Canadian biotechnology company using a portfolio approach to identifying, validating and developing natural bioactives into both prescription drugs and natural products for the early treatment of neurological diseases. Based in Charlottetown, Prince Edward Island, the company has developed its BioActives Discovery Engine through a combination of 1) international partners with demonstrated historical knowledge of natural compounds, 2) in-house medicinal chemistry capability, and 3) proprietary animal models of neurological disease. Neurodyn is using this powerful engine for its Rx and natural product development programs to out-license or sell validated drug candidates to pharmaceutical and consumer health players.
About NeuroQuest Inc.
NeuroQuest Inc. (www.neuroquest.ca), a wholly owned subsidiary of Neurodyn Inc., is seeking new approaches to modulation of nerve transmission and promising clinical applications particularly for neuropathic pain. The company focuses on a first-in-class small molecule drug discovery platform which is based on bioactives discovered in plant extracts showing efficacy for neuropathic pain. NeuroQuest also provides pre-clinical contract research specializing in medicinal chemistry and drug development for neurological conditions.
For more information, contact:
Dr. Denis Kay 902‐314 0776 (mobile), dgkay@neurodyn.ca
Dr. Alexander McLellan 902‐402‐1775 (mobile), mclellan@neuroquest.ca
Mr. Kenneth Cawkell 604‐684‐3323 (mobile), kcawkell@neurodyn.ca
Mr. Robert Cervelli 902‐222‐4391 (mobile), cervelli@neurodyn.ca
Neurodyn Inc., Suite 508, NRC-INH, 550 University Avenue, Charlottetown, PE CIA 4P3